Egypt to keep customs exchange rate for essential goods until July-end

Egypt will keep its customs exchange rate at a steady 16 pounds to the dollar for strategic and essential goods up until the end of July, the finance ministry said on Sunday.

The ministry set the exchange rate for non-essential or luxury goods to EGP 16.7703 to the dollar.

Egypt began setting a monthly fixed customs exchange rate in January 2017, following the central bank’s decision to float the Egyptian pound in November 2016.

The dollar was set at EGP 16 in August 2018.

The finance ministry has since reviewed the rate every month.

Source: Ahram Online